Cashout & Withdrawals

How Cashouts Work

BeeNBet uses a secure "locked positions" model where your crypto bets are locked until market resolution. This means:

• No Early Cashout: You cannot sell bets before resolution
• Automatic Settlement: Payouts occur automatically when markets resolve
• Direct to Wallet: Crypto winnings are sent directly to your connected wallet
• No Manual Withdrawal: No need to manually withdraw crypto funds

Understanding Locked Positions

Why Positions Are Locked

• Prevents Manipulation: Users can't withdraw bets to avoid losses
• Ensures Fairness: All participants face the same constraints
• Maintains Market Integrity: Prevents last-minute position changes
• Commitment Required: Participants must stand by their convictions

What This Means for You

• No Early Exit: You cannot sell shares before resolution
• Commitment Required: Make sure you're comfortable with your position
• Patience Needed: Wait for the market to resolve naturally
• Automatic Payout: Winnings are sent automatically when you win

Payout Process

Automatic Settlement

When a market resolves:

1. Event Occurs: The real-world event takes place
2. Data Verification: Outcome is confirmed through trusted sources
3. Smart Contract Execution: Automatic payout distribution
4. Winner Receives: You get your winnings in your wallet

Payout Details

• Immediate: Payouts occur as soon as resolution is confirmed
• Direct Transfer: Funds are sent directly to your wallet
• No Fees: No additional fees for receiving payouts
• Full Amount: You receive the full value of your winning shares

Payout Calculation

For each winning share you hold:

Payout = (Total Market Pool / Number of Winning Shares) × Your Winning Shares

Receiving Your Winnings

Wallet Requirements

• Connected Wallet: Your wallet must be connected to BeeNBet
• BNB Chain: Wallet must support BNB Chain
• Active Address: Wallet must be accessible
• Sufficient Gas: Need BNB for transaction fees

Payout Methods

• Direct Transfer: Funds are sent directly to your wallet
• Automatic: No manual action required
• Immediate: Payouts occur as soon as resolution is confirmed
• Secure: Protected by blockchain security

Checking Your Winnings

1. Wallet Balance: Check your wallet balance
2. Transaction History: Look up transactions on BNB Chain explorer
3. BeeNBet Dashboard: View your payout history
4. Email Notifications: Optional email alerts for payouts

Payout Examples

Example 1: Winning Bet

Market: "Will BTC reach $50,000 by 2024-06-30?"
Your Position: 5 Yes shares at 0.6 BNB each
Market Resolution: BTC reaches $52,000 (Yes shares win)
Your Payout: 5 BNB (you win 2 BNB profit)

Example 2: Losing Bet

Market: "Will BTC reach $50,000 by 2024-06-30?"
Your Position: 5 Yes shares at 0.6 BNB each
Market Resolution: BTC stays at $45,000 (No shares win)
Your Payout: 0 BNB (you lose your 3 BNB investment)

Example 3: Partial Win

Market: "Will BTC reach $50,000 by 2024-06-30?"
Your Position: 10 Yes shares at 0.6 BNB each
Market Resolution: BTC reaches $50,000 (Yes shares win)
Your Payout: 10 BNB (you win 4 BNB profit)

Managing Your Funds

After Receiving Payouts

• Check Balance: Verify your wallet balance has updated
• Transaction Confirmation: Look up the transaction on BNB Chain explorer
• Record Keeping: Keep track of your winnings for tax purposes
• Reinvestment: Consider using winnings for new bets

Fund Management

• Diversification: Spread your funds across multiple markets
• Risk Management: Don't bet all your winnings at once
• Profit Taking: Consider withdrawing some profits
• Reinvestment: Use winnings to increase your betting capital

Tax Considerations

• Record Keeping: Keep detailed records of all payouts
• Tax Reporting: Consult a tax professional for reporting
• Documentation: Maintain records for tax purposes
• Professional Advice: Seek professional tax advice

Troubleshooting Payouts

Common Issues

• Missing Payouts: Check if the market has actually resolved
• Wallet Not Connected: Ensure your wallet is still connected
• Insufficient Gas: Make sure you have BNB for transaction fees
• Network Issues: Check your internet connection

Getting Help

• Support Email: support@beebbet.io
• Discord: Join our community Discord for help
• Transaction Explorer: Check BNB Chain explorer for transaction details
• Documentation: Review our troubleshooting guides

Verification Steps

1. Check Market Status: Confirm the market has resolved
2. Verify Your Position: Ensure you had winning shares
3. Check Transaction: Look up the payout transaction
4. Contact Support: Reach out if you're missing funds

Security Considerations

Wallet Security

• Private Keys: Never share your private keys
• Seed Phrases: Store seed phrases securely
• Hardware Wallets: Consider using hardware wallets
• Regular Backups: Backup your wallet regularly

Transaction Security

• Verify Transactions: Always verify transaction details
• Check Addresses: Ensure you're receiving funds to correct addresses
• Network Verification: Confirm you're on BNB Chain
• Gas Limits: Set appropriate gas limits

Best Practices

• Start Small: Begin with small amounts
• Test First: Test with small transactions
• Keep Records: Track all your transactions
• Stay Updated: Keep your wallet software updated

Advanced Strategies

Profit Management

• Profit Taking: Withdraw some profits regularly
• Reinvestment: Use winnings to increase your capital
• Risk Management: Don't bet all your winnings
• Diversification: Spread risk across multiple markets

Capital Growth

• Compound Growth: Reinvest winnings for exponential growth
• Risk-Adjusted Sizing: Increase bet sizes as your capital grows
• Market Analysis: Focus on markets you understand well
• Continuous Learning: Improve your trading skills

Long-Term Planning

• Financial Goals: Set clear financial objectives
• Risk Tolerance: Understand your risk tolerance
• Time Horizon: Plan for long-term success
• Professional Advice: Consider professional financial advice

Getting Started

First Payout

1. Place Your Bet: Buy shares in a prediction market
2. Wait for Resolution: Market resolves automatically
3. Check Your Wallet: Payouts are sent directly to your wallet
4. Verify Transaction: Confirm the payout on BNB Chain explorer

Maximizing Payouts

• Research Markets: Choose markets you understand
• Analyze Probabilities: Look for mispriced markets
• Diversify Bets: Spread risk across multiple markets
• Manage Risk: Only bet what you can afford to lose

Ready to Start?

Once you understand how payouts work:

1. Place Your Bet: Buy shares in a prediction market
2. Wait for Resolution: Market resolves automatically
3. Receive Payout: Get your winnings in your wallet
4. Manage Funds: Use winnings wisely for future bets

Remember: All payouts are automatic and immediate. If you don't receive your payout, check your wallet connection and contact support if needed.

Ready to start trading? Learn how to place your first bet!